Buyer Backed Out

[Imoen]

HELP! I live in Oregon. I accepted an offer to sell my home on April 21st - I wanted to counter, but my realtor talked me out of it. She did write in a 72-hour right of refusal clause on the contract before I signed it. She left, and I didn't hear anything more from her. I assumed the deal was still a go, so I spent 3 days desparately searching for a home, which I found. Before I put an offer on that home, I called my realtor to see if everything was OK on the sale of my house, and to my surprise she told me that the buyers had backed out on April 21st! They didn't like the 72-hour right of refusal clause. I have a problem with the fact that the realtor never notified me, has nothing in writing from the buyers saying they backed out, and never depositied their earnest money check (which she still has). She stated that they were holding the earnest money because the buyers were still looking at other homes and they wanted to save it to put it on whichever home they decided on. Isn't the earnest money supposed to be tied to my contract with them? I told the realtor that until I get something signed from the buyer, that I still have to assume taht I have a valid legal binding contract. If they want to back out, then fine, they can send me the earnest money as "liquidated damages" per the contract.

Does it sound like I get to retain the earnest money since they backed out for no good reason? Or, is the 72-hour clause a good reason? If so, and it's being treated like a "counter-offer" dont' they have to sign something?

I can't keep showing my home and possibly accept another offer until I have something showing that this sale is no longer valid - but my realtor won't give me anything.....help!

 

[HomeGuru]

HELP! I live in Oregon. I accepted an offer to sell my home on April 21st - I wanted to counter, but my realtor talked me out of it. She did write in a 72-hour right of refusal clause on the contract before I signed it.
**A: When she wrote that clause in on the contract, the contract then became a counter offer which the Buyer did not accept.
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She left, and I didn't hear anything more from her. **A: then you should have called her up rather than waiting.
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I assumed the deal was still a go, so I spent 3 days desparately searching for a home, which I found. Before I put an offer on that home, I called my realtor to see if everything was OK on the sale of my house, and to my surprise she told me that the buyers had backed out on April 21st! They didn't like the 72-hour right of refusal clause. I have a problem with the fact that the realtor never notified me,
**A: you are correct in that this agent is incompetent and should have notified you right away.
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has nothing in writing from the buyers saying they backed out,
**A: the Buyers do not need to give anything in writing. All they need to do is not sign the counter-offer.
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and never depositied their earnest money check (which she still has). She stated that they were holding the earnest money because the buyers were still looking at other homes and they wanted to save it to put it on whichever home they decided on.
**A: The check does not need to be deposited because there is no accepted offer.
The Buyer can instruct the brokerage agency to hold the check until an offer is acccepted.
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Isn't the earnest money supposed to be tied to my contract with them?
**A: no, it could but does not have to be.
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I told the realtor that until I get something signed from the buyer, that I still have to assume taht I have a valid legal binding contract.
**A: you are incorrect in your attitude and your assumption is contrary to contract law.
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If they want to back out, then fine, they can send me the earnest money as "liquidated damages" per the contract.
**A: you do not have a contract, therefore all the terms and conditions therein do not apply.
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Does it sound like I get to retain the earnest money since they backed out for no good reason?
**A: they had a good reason. They simply did not accept the 72 hour clause.
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Or, is the 72-hour clause a good reason? If so, and it's being treated like a "counter-offer" dont' they have to sign something?
**A: a rejection of an offer or counter-offer need not be in writing. The fact that it was not accepted in writing is evidence of non-acceptance.
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I can't keep showing my home and possibly accept another offer until I have something showing that this sale is no longer valid - but my realtor won't give me anything.....help!

**A: send a letter in writing to this Realtor via certified rrr mail demanding an explanation. Send a copy to the State real estate licensing office.

 

[Imoen]

Thanks for the Info!

Thank you for the information - it was extremely helpful. Not all of us can keep up on the real estate rules. But, I did find out today that real estate laws don't even apply (at least in Oregon) to mobile home sales because they aren't considered "real property". The realtor doesn't even need to be licensed.

Oh well - you live and you learn. My next realtor will be a reputable, licensed firm.

Thanks again!

 

[HomeGuru]

Re: Thanks for the Info!

Thank you for the information - it was extremely helpful. Not all of us can keep up on the real estate rules. But, I did find out today that real estate laws don't even apply (at least in Oregon) to mobile home sales because they aren't considered "real property".
**A: you are correct if the mobile home is a home only sale and the land attached is not part of the transaction. This would be a sale of personal property rather than real property.
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The realtor doesn't even need to be licensed.
**A: the Realtor by the mere fact of membership in the National Association of Realtors must be licensed.

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Oh well - you live and you learn. My next realtor will be a reputable, licensed firm.

Thanks again!

**A: happy to be of service. Good luck.